When you buy the property, you usually do not pay entire amount on the first day. Because you have to complete a lot of other formalities like paying stamp duty and registration etc.
So Buyer usually pay small amount initially to book the property. This amount is called as token amount or bayana.
Example - You want to buy the flat from seller for say 40 lacs. So you will pay say 1 lac as a token amount. 39 lacs will be paid when the documents as signed and sale of deed is registered.
This is a positive scenario. But what if the deal is cancelled after you paid token amount? Will you get back your money? To mitigate the risk in such situations, you should always make small agreement between you and seller of the flat stating terms and conditions like when the rest of the money will be paid, when registration would be made, in case of cancellation what course of action will be taken etc.
What do you think on this topic? Please express your opinion or ask any question through comment below. You can write to me at reply2sagar@gmail.com
So Buyer usually pay small amount initially to book the property. This amount is called as token amount or bayana.
Example - You want to buy the flat from seller for say 40 lacs. So you will pay say 1 lac as a token amount. 39 lacs will be paid when the documents as signed and sale of deed is registered.
This is a positive scenario. But what if the deal is cancelled after you paid token amount? Will you get back your money? To mitigate the risk in such situations, you should always make small agreement between you and seller of the flat stating terms and conditions like when the rest of the money will be paid, when registration would be made, in case of cancellation what course of action will be taken etc.
What do you think on this topic? Please express your opinion or ask any question through comment below. You can write to me at reply2sagar@gmail.com
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